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I love it!
Also, the outgoing ACH transactions are exempt (i.e. US bank to foreign bank), people’s bank accounts are exempt completely, and the only thing US banks can do when a foreign bank is known to participate in “illegal gambling transactions” is to send a letter. I think these regulation will actually help the offshore gambling websites as much as possible, short, of course, of legalizing online gambling on federal level.
Thank you Bush for having the “best” administration ever!
As well, you have to love on page 44 the:
“5. Steps Taken to Minimize the Economic Impact on Small Entities
As discussed in the preamble to this final rule, the Agencies considered many approaches to minimize the burden of the rule on non-exempt participants, including small entities, while carrying out the mandates of the Act.”First they fail to really describe what consitutes a “Small Entity” I’m assuming smaller banks. If thats the case its nice of this Admin to stick up for the “Little” guy. They ran the whole financial system to the shit, but hey we will give you a break and not keep you up to the higher standards of the “Big Entity” whomever they maybe.
At the end of the day after reading the regs they seem generally well thought out by rational people who don’t seem hell bent on destroying internet gambling and also don’t expect the banks to bend over backwards to stop everything. One thing I am missing in these final regulations are any references to IP blocking for ISP’s. That would truely be a killer. But zero refernces to it at all. Looks like the only reason Bush published these is to keep Obama from undueing UGIEA by executive order without it going before Congress first. As affiliates this maybe a blessing or a demise.
Maybe I spoke too soon:
“Moreover, the Act already provides for a course of action if government entities are aware of an unlawful Internet gambling website. The Act provides a procedure pursuant to which the U.S. Attorney General, State attorneys general, or other appropriate State officials may institute proceedings to have an unlawful Internet gambling website removed by the interactive computer service that provides access to that website.9 Accordingly, if government entities are aware of an unlawful Internet gambling website, the procedure provided by the Act for denying access to the website in its entirety could be used, rather than permitting access to the unlawful Internet gambling website to continue without interruption, while relying on the designated payment systems and their participants to block every transaction destined for the Internet gambling business operating the website.”
This does pave the way for IP blocks from ISP to gambling sites. Could be an interesting Freedom of Speech conflict though.
Me thinks Mr Bush may have wrote this out himself:roflmao:
This does pave the way for IP blocks from ISP to gambling sites. Could be an interesting Freedom of Speech conflict though.
Actually this references to the UIGEA itself, where local and federal governments have the right to take civil legal action against the online gambling websites, i.e. what Kentucky already did before the regulations.
